KanyIZZY
formerly j o 19
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Solid point, I need a CPA to make sure I know who’s generating the 1099’s. From my understanding it was exactly as you said which is the cash app itself - not the seller platform.
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Solid point, I need a CPA to make sure I know who’s generating the 1099’s. From my understanding it was exactly as you said which is the cash app itself - not the seller platform.
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This is easy peasy....gift cards are cash equivalents and are taxable income:
www.irs.gov
De minimis fringe benefits | Internal Revenue Service
Information about taxation of occasional benefits of minimal value.
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This is easy peasy....gift cards are cash equivalents and are taxable income:
De minimis fringe benefits | Internal Revenue Service
Information about taxation of occasional benefits of minimal value.
But the question isn't is it taxable
It's whether GOAT will be reporting it or not
All of this stuff was taxable before the $600 threshold change
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Again, easy peasy ;-). If they send you a 1099, report it; if not, don't ;-). In any case, always keep track of sales, initial purchase cost, and any associated expenses in case it's needed.
In my opinion, they should report it; not just cash apps. ex. I got a $1500 referral payout (not related to sneakers), and got a 1099.
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What I said here
Makes zero sense for GOAT to send you a 1099 if you spend credits on their marketplace, basically trading goods
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It's not about spending credits; it's about selling on their platform. If you take your revenue in cash or credit, it's still a sale that they should be reporting.
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That’s not what the law says though. The law is specifically applicable to cash payments received from 3rd parties. Goat credit is not that unless you request a cash out.
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Maybe someone who attained $20,0000 in GOAT credit last year can weigh in 
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They’d also need 200+ transactions. Which actually probably means 200+ cash outs lolMaybe someone who attained $20,0000 in GOAT credit last year can weigh in
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I consider GOAT credits analogous to gift cards, which are cash equivalents. Anyway, if it were me (I've never sold anything on GOAT), I'd just wait to see if they send a 1099. For those that are concerned and don't want to wait, consult a CPA. Cheers.
KanyIZZY
formerly j o 19
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Ahh that's why you posted that link earlier to liken credits to that of a gift card which is essentially cash. This is the tricky stuff.. a lot of assumptions are being made. What CPA will even know these ins and outs of Goat app
Bad thing about all of this is most of it wont hit the fan until filing next year which is a nightmare if you didn't plan in advance. Even then, I am hearing 15%, 22%, 30%, 33% tax rates depending on slight changes of info etc.
I'm waiting to talk to my tax guy but trying to gather as much info as possible. This **** is a mess directly targeted at the little guy to get back all of those stimulus checks funds.
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drop them stockroom pairs n pay them folks with the proceeds...
win win..
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Edit:
if that goat loop actually works out, I'll just have to sell and accrue credits to make purchases rather than buy something with my money and then sell my other shoes to balance out the money spent.
if that goat loop actually works out, I'll just have to sell and accrue credits to make purchases rather than buy something with my money and then sell my other shoes to balance out the money spent.
Last edited:
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The GOAT tax evasion jig 
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NTers trust GOAT not to snitch on you, so they can get audited later? Good luck with that.
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Nobody’s getting a 1099 from goat. It’ll be from the payment provider (PayPal etc). So I don’t see how they would snitch.
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GOAT can report the transactions done with their service regardless of payments being done through PayPal.
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So is Gamestop going to start issuing 1099s when you sell your games or consoles or whatever to them? Pawn shops?
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Why do you keep making claims without any proof?
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I think if you were to get a 1099, it would come from Goat. Just like how you'd get a 1099 from StockX, Flight Club, Stadium Goods, etc.
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StockX
"Hyperwallet or PayPal will provide those documents at the end of the year."
GOAT
"Our third-party settlement organizations will mail out a 1099-K to you if your gross total reportable transactions exceed $600 USD for the calendar year. Please note this threshold is a change from prior years."
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Doesn't necessarily mean GOAT can't or won't send one
I didn't realize they paid out in ACHs for example. They may decide to send out their own for anything that wasn't settled through third parties
I didn't realize they paid out in ACHs for example. They may decide to send out their own for anything that wasn't settled through third parties
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If I sold something on StockX and my net payout was $598.22 ... does that not trigger the $600 1099 process? Or is it based on the actual sale price which was like $680?
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Yeah I always choose to get paid out ACH so I get the money directly to my bank. I choose ACH for StockX, Goat, Flight Club, and Stadium Goods.
Stadium Goods recently switched their payout system to hyperwallet. But they still sent me a 1099 for last year even tho I didn't meet the threshold. For this year tho, I definitely exceeded it on all 4 platforms lol.
Stadium Goods recently switched their payout system to hyperwallet. But they still sent me a 1099 for last year even tho I didn't meet the threshold. For this year tho, I definitely exceeded it on all 4 platforms lol.
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It would be based on net payout
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